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For older market hands there was a sense of déjà vu. No sooner had he sold a 25 per cent stake in his Topshop and Topman retail empire this week than Sir Philip Green was immediately linked to a possible return tilt at Marks & Spencer.

The market logic was undeniable. The veteran retailer is well known for his tenacity. His failure to buy M&S eight years ago in a £9 billion hostile bid — or 400p a share — must surely still be classed as “unfinished business”.

By selling a minority stake for £350 million to the American private equity group